Sign In
20 Nov 2015 07:00
Flying Brands Limited
Β
("Flying Brands"Β or the "Company")
Β
Board changes, corporate update, issue of additional CLN
Β
Appointment of Non-Executive Director
Β
Flying Brands is pleased to announce the appointment of Dr Qu Li, as non-executive director effective immediately. Dr Li replaces Michael Murphy who has stepped down from the Board.Β
Β
With over 25 years of experience in international mergers, acquisitions and joint ventures, Dr Li has completed turnkey transactions ranging from $5m-$200m and raised more than $300 million over the last 10 years. Dr. Li is the founder and Chairman of China Ventures Ltd, a leading consultancy and venture capital company, specialising in Sino/Western business and offering a wide range of skills associated with international business transactions. Dr. Li relocated to the UK over 20 years ago, where she obtained her Doctorate of Philosophy at Leeds University and then established her business base. She is a qualified engineer and a successful business entrepreneur who has worked on activities related to government, industry and commerce in China, South East Asia, South America, Europe and the US for over 20 years.
Β
Apart from her business commitments, Dr. Li devotes great effort, interest and financial support to the development of young entrepreneurs across the globe. She sits on the advisory board of the Business School of Leeds University and is one of the Leaders in Resident for the post graduates.
Β
Dr Li is a director of the following companies:
Β
Multidrive Limited www.multidrivevehicles.com
Peterhouse Corporate Finance www.pcorpfin.comΒ
China Ventures Ltd www.chinaventuresltd.comΒ
Morris Commercial Limited www.morris-commercial.com
Mulan Foundation Limited www.mulanfoundation.org.uk
Β
LCP Consulting Limited
Β
To assist in identifying a project in line with Flying Brand's investing strategy, Flying Brands has engaged LCP Consulting Limited www.lcpconsulting.com ("LCP"), a leading independent UK based supply chain and logistics consultancy. Most recently, LCP has been researching the future of city logistics solutions, including the application of electric vehicles in new city logistics models in the light of the social and economic imperatives to improve air quality, reduce congestion and facilitate the movement of people and goods.Β
Β
http://www.lcpconsulting.com/blog/2015/11/new-blog-entry/ for more information.
Β
Corporate Update
Β
The Board have continued to drive down costs and minimise cash consumption. Cash at the end of October was Β£247,000. Total annual costs of the Company is now down to cΒ£70,000, Β£24,000pa of which are Directors fees. Β Β
Issue of New Convertible Loan Notes
Β
Flying Brands announced on 13 July 2015 that it has Β£269,800 of convertible loan notes outstanding ("CLN"). Free Association Books Limited, which is connected to Trevor Brown, holds Β£125,000 of CLNs. In addition, Mr. Trevor Brown directly holds the remaining Β£144,800 of the CLNs.
Β
As Flying Brands issued 10% of its issued share capital on 13 July 2015, the maximum permitted under the Listing Rules, the Company must publish a Prospectus prior to issuing any further units comprising one ordinary share of Β£0.01 each and one 'A' ordinary share ('Units') before 13th July 2016. The Company has today issued an additional Β£100,000 of new convertible unsecured loan notes ("New CLN") to Free Association Books Limited. Following the issue of the New CLNs, Free Association Books holds in total Β£225,000 unsecured convertible loan notes. The funds will be used to ensure that Flying Brands has sufficient working capital going forward and it can support future acquisition plans.
Β
The New CLN is convertible at a subscription price of Β£0.015 per Flying Brand unit ("Conversion Price"). The balance of the principal of the loan which has not been repaid or converted into units by 18 November 2018 is repayable on that date.Β
Β
Until the New CLNs are redeemed or converted in accordance with the provisions of the New CLN Instrument, interest shall accrue on the principal amount of the New CLNs, which are outstanding at 6.75% per annum (the "Interest Rate") and be convertible into Flying Brands' units at the Conversion Price upon conversion or redemption.Β No interest under the New CLN Instrument shall be payable by the Company in cash.
Β
Trevor Brown, Chairman, commented:
Β
'We believe Dr Li's appointment as director, and the appointment of LCP as adviser, will immeasurably assist the Board in identifying an acquisition opportunity within the technology and/or logistics sector. We look forward to updating shareholders on progress on this matter, in the near future."
Β
End
Β
The Directors of the Company are responsible for the contents of this announcement.
Β
Enquiries:
Β
Flying Brands Limited
Trevor Brown
Tel: 0207 469 0930
Β
Peterhouse Corporate Finance Limited
Duncan Vasey
Tel: 0207 220 9797
Β
Appendix 1: Further information on Qu Li Β The information required to be disclosed in accordance with the Listing Rules for Qu Li is set out below. Β Qu Li, has not in the past five years, been a director of any other publicly quoted company. Β On 5 May 2005, RDS Automotive Interiors Limited, a company of which Qu Li was a director and shareholder, entered into a creditors voluntary liquidation.Β The creditors were owed approximately Β£2,297,751. Β Dr Li has confirmed that in relation to her appointment there is no further information which is required to be disclosed under L.R 9.6.13. Β |
Β
Follow the stocks
